Woman lost Rs.1 Crore to cyber fraud

Hyderabad: A senior manager’s pursuit of high profits turned into a nightmare when she lost over Rs.1 crore in a cyber fraud scheme. The scammers, posing as investment experts, lured her into trading through a fake platform, ultimately defrauding her of Rs.1,07,13,266.

According to the police, the 42-year-old victim from Meerpet, an MBA graduate and senior manager at a private company, was deceived through a WhatsApp group and a fraudulent mobile trading application. The crime unfolded in late January, when she joined a group that was named after a global financial services company.

The group was run by individuals claiming to be professional stock traders. Among them, Shruti Bahety introduced herself as a block trading advisor, while Parthiv T. Kilachand posed as the head of the group. They convinced her to invest in block trading, IPO allocations and accumulated transactions, promising high returns.

To build trust, the scammers asked her to register on their website and encouraged her to start with small investments. On January 28, she made her first deposit of Rs.10,000 via her bank account. Soon after, she was persuaded to invest more—Rs,25,000, then Rs,1.63 lakh and eventually, over time, a total of Rs.67 lakh into the platform.

Believing she was making huge profits, the victim also used her father’s account to invest an additional Rs,46 lakh. Her trading account displayed a staggering Rs,2.05 crore in profits, reinforcing her confidence. However, when she attempted to withdraw the amount, the real trouble began.

The fraudsters imposed various conditions and charges, including a loan clearance requirement and a 20 per cent processing fee on her supposed profits. Desperate to access her earnings, she paid an additional Rs.12 lakh from her father’s account and Rs.17.28 lakh as a fee.

Despite these payments, her account was suddenly blocked and she was removed from the WhatsApp group. Realising she had been scammed, she approached the police and filed a complaint.

A police officer said an investigation is underway. "The victim has provided bank account details and mobile numbers linked to the scam. We are tracing the recipients of funds transferred to different bank accounts. She made 31 transactions from late January to early March, sending a total of Rs.1,07,13,266. We are also examining call records of the numbers used in the scam."

Police urged the public to be cautious of online trading platforms operating through WhatsApp groups. Investors are advised to verify financial platforms through regulatory bodies like SEBI before investing and to avoid social media trading groups that promise guaranteed high returns. They also encouraged citizens to report suspicious activities to cyber crime helpline 1930 or complain at www.cybercrime.gov.in.